Business
Lion One Announces Closing of Upsized $12M Underwritten Public Offering
North Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Lion One Metals Limited...
About this update from Lion One Metals Limited
[{"type":"text","content":"Lion One Announces Closing of Upsized $12M Underwritten Public OfferingNorth Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (\"Lion One\" or the \"Company\") is pleased to announce that the Company has closed the underwritten offering (the \"Offering\") previously announced on February 7, 2024 by issuing 24,150,000 units of the Company (the \"Units\") at a price of $0.50 per Unit (the \"Offering Price\") for aggregate gross proceeds of $12,075,000, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,150,000 Units at the Offering Price pursuant to the terms of an underwriting agreement (the \"Underwriting Agreement\") dated as of February 8, 2024, among the Company, Cantor Fitzgerald Canada Corporation (the \"Lead Underwriter\"), Canaccord Genuity Corp., Eight Capital, and Raymond James Ltd. (together with the Lead Underwriter, the \"Underwriters\"). Each Unit consists of one common share (a \"Common Share\") in the capital of the Company and one common share purchase warrant (a \"Warrant\") of the Company. Each Warrant shall be exercisable to acquire one Common Share (a \"Warrant Share\") at a price per Warrant Share of C$0.65 for a period of 36 months from the closing date of the Offering.In connection with the Offering and the Concurrent Private Placement, the Company paid to the Underwriters a cash commission of $724,500, which was equal to 6.0% of the gross proceeds from the Offering, and issued an aggregate of 1,449,000 broker warrants, equal to 6.0% of the number of Units sold pursuant to the Offering. Each broker warrant is exercisable for one Common Share at a price of C$0.65 for a period of 36 months from the closing date of the Offering.The net proceeds received by the Company from the sale of the Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes. The Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 9, 2024 (the \"Prospectus Supplement\") to the Company's existing short form base shelf prospectus dated May 13, 2022 (the \"Base Shelf Prospec...